Posted on: 22nd Jan, 2007 07:20 am
I have an investment property I cant sell for what I owe. I have always had good credit but am considering letting it go to forclosure. I am laid off and am borrowing money to make the payments. I have a first and a second loan. Can I do this and what will my results?
Why go for the foreclosure? Can't you just lower the selling price of the home and see who bites?
Thanks for your response. Problem is its been vacant and for sale for nearly 1 1/2 years. I paid 210,000 and its now listed for 204,000. After real estate fees, closing costs, and a just discovered pre-payment clause, it will cost me at least 18,000 at closing as well? I figure it as about a 35,000 loss right now and I am paying the mortgage with borrowed money and just barely surviving. See my crises?
funal where is the place being sold at?
Its in Maricopa. Master planned community called Province. 55 & up
can you send me a link to where you have the house posted?
Jengaplayer, you can check out this page, Funal has posted the image of the house - http://www.mortgagefit.com/know-how/preventforeclosure.html
Colin
Colin
your bank probably has a loss mitigation division that attempts to reduce their losses. (this will be part of the servicing department, where you make your monthly payments.)
if you can no longer afford to make payments and are considering letting the property go, you should contact them. they may be offer you some better alternatives. they will be looking out for their best interests, but you stand a chance to reduce the negative affects for yourself by cooperating with them.
if you can no longer afford to make payments and are considering letting the property go, you should contact them. they may be offer you some better alternatives. they will be looking out for their best interests, but you stand a chance to reduce the negative affects for yourself by cooperating with them.
Funal, did you take the help of a real estate agent. I have heard a good agent can help you sell your property quickly and that too at a reasonable price by negotiating with buyers.